82-17151 '4
RESOLUTION NO. 82-17151
A RESOLUTION OF THE CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE EX-
TENSION, ON A MONTH TO MONTH BASIS, OF THE EX-
ISTING CONTRACTS BETWEEN THE CITY OF MIAMI BEACH
AND THE INVESTMENT COUNSEL CO. OF THE SOUTHEAST;
AND THORNDIKE, DORAN, PAINE & LEWIS, INC.
WHEREAS, the Board of Trustees of the Retirement System
for General Employees and Elected Officials, upon the approval of
the City Commission, contracted with Investment Counsel Co. of the
Southeast, and Thorndike, Doran, Paine & Lewis, Inc. to provide spe-
cialized technical counsel and advice respecting the investment of
pension system assets; and
WHEREAS, said contracts expire on October 1, 1982, and;
WHEREAS, the Board of Trustees is currently evaluating
responses to Requests for Proposals advertised by the City for such
services;
WHEREAS, it is in the best interest of the City of Miami
Beach to extend the existing contractson a month to month basis.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, that the existing contracts
between the City of Miami Beach and the the respective investment
counsel firms be extended on a month to month basis.
PASSED and ADOPTED this 6th day of October, 1982.
MAYOR
ATTEST:
CITY LERK
JK:ab
10052a Agenda Item R-7-B 10/6/82
APPROVED
LEGAL DEBT.
Qat; 5--
OFFICE OF THE CITY ATTORNEY-1700 CONVENTION CENTER DRIVE-MIAMI BEACH,FLORIDA 33139
ee, o f neame eard
;t.!' I's, FLORIDA 3 3 1 3 9
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I�, "VACATIONLANU U. S. A. "
OFFICE OF THE CITY MANAGER CITY HALL
ROB W.PARKINS 1700 CONVENTION CENTER DRIVE
CITY MANAGER TELEPHONE: 873-7010
COMMISSION MEMORANDUM NO. 61442-
DATE:
b a 2-
DATE: OCTOBER 6, 1982
TO: Mayor Norm. iment a
Members of e City C:0,,, 'w.
FROM: Rob W. Par ins
City Manager ,7
SUBJECT: REQUEST FOR A ONTH TO MONTH EXTENSION OF CONTRACTS WITH INVESTMENT
COUNSELORS TO THE RETIREMENT SYSTEM FOR GENERAL EMPLOYEES AND ELECTED
OFFICIALS OF THE CITY OF MIAMI BEACH
The extension of present contracts with the Investment Counsel Co. of
the Southeast and Thorndike, Doran, Paine & Lewis, Inc. , investment
advisors to the Retirement System for General Employees and Elected
Officials, expired on September 30, 1982.
Since both investment advisors requested an increase in fee for the
next year of more than double their present fee, the Board of Trustees
directed to seek proposals from other investment counselors.
The selection process of the investment counselors to the Pension Fund
has not been completed. The Board of Trustees at the September 23, 1982
meeting agreed to recommend to the City Commission the extension of the
contracts with The Investment Counsel Co. of the Southeast and Thorndike,
Doran, Paine & Lewis, Inc. on a month to month basis at the current con-
tractual rate which would amount to $4,589.66 per month. Funds are
available in the Pension System Administrative Budget for fiscal year
1982/83.
ADMINISTRATION RECOMMENDATION:
The City Administration concurs with the recommendation of the Board of
Trustees to extend the investment advisor's contracts on a month to month
basis at the present contractual rate and recommends that the City Commi-
sion ratify the Pension Board's recommendation.
RWP:WEM: lb
AGENDA R 1
ITEM PI- i
DATE 10'6_$-2-